Leslie Wilson, Reece Australia’s Boss And Forbes Billionaire

According to Forbes magazine, Leslie Alan Wilson is Australia’s 14^th richest man in a crowd of 50 richest people in the country. His net worth is US$2 billion as of May 2015. Interestingly, the 73-year old’s wealth is not something inherited but indeed a case study of success in retailing and earning wealth the hard way with tenacity, determination and decades of hard work.

Popularly known as Alan, Wilson's biggest asset is his vast experience in the building products industry and a sharp acumen in seizing opportunities even if the economic climate is tough. No wonder, he rose in the ranks of Reece Australia, which he joined as a director in 1969, when it was a small time company. Today he is the Executive Chairman of the company after having worked in many senior positions including Managing Director and Chairman before being anointed to the present position in 2008. Over the decades, Reece grew exponentially and became be Australia’s biggest bathroom- and plumbing-supply retailer.

Family First

The Reece captain relies more on his family for running the business. He is assisted by his two brothers, John and Bruce and in the day to day functioning he has his son Peter, who serves as the CEO. Today, the media-shy Melbourne based Wilson family owns close to 70 percent of the company with 450-outlet chain, after showing excellence in expanding the retail network and enhancing brand value phenomenally for nearly 50 years.

Before joining Reece, Alan Wilson was running a firm named Austral Hardware, which he started in 1961 and managed the business until the late 1060s. In recognition to his trading and management skills, he was inducted into the Board of Directors of H J Reece (Holdings) Limited in 1969, which was then a small ASX listed hardware and plumbing supply merchant with just two outlets in Caulfield and Clayton.

Alan made good of the opportunity and rose in the ranks, and became its Managing Director in 1974. Alan's single minded focus on expanding Reece retail network made him a phenomenon in the retail industry. He steered Reece to become Australia’s largest plumbing supplier to the trade and retail. His efforts expanded Reece's footprint into 450 outlets across all Australian States and New Zealand.

Reece Saga

Today, Alan can take pride that Reece Australia Limited is regarded as one of Australia’s highest performing companies and is consistently on the ASX top 100. One reason for the unwavering performance standards of the company is Alan family’s tight grip with the firmly controlling around 70 percent of the firm’s shares. It is unlikley that it will cede the majority stake in the future. Four of the six men on the board of directors in Reece are Wilsons and Alan is also grooming many members of the generation next in his family for future roles.

Reece itself started on a modest note in 1919 when Harold Reece began selling products from his truck before opening a hardware shop. Nearly 100 years later, the company has 3,500 staff, and thousands of products in the inventory. Reece was listed on the Australian Stock Exchange in 1954.

Recluse Veteran

Like many billionaires, Alan is also loathe to media glare. He avoids interviews, and even his details are sparse on the company website. Although Alan has passed the baton to his son Peter for day to day running of Reece, he is still in command when it comes to big decisions impacting the future of the company. It is safe to premise that Reece is likely to remain in the hands of the Wilsons forever. But, so far only male members are allowed to be active in the business.

In one of the rare interviews, Wilson threw some light on it, “We had a father who was 90 as a chairman, so we still think we’ve got a fair time to go, but there are other Wilsons behind all these Wilsons – male Wilsons.”

As an industry, plumbing products may be a bit unglamorous. But Alan Wilson with his Midas touch has showed it is lucrative and exciting too. In running Reece, despite being a public company, Alan has his way. Perhaps that makes the wealth generation more assured and Wilson a unique billionaire too.

(For feedback/comments, contact the writer at k.kumar@ibtimes.com.au)